533.312 Dividends and interest. 1. The board of directors may declare dividends at such rates and upon such classes of shares as are determined by the board, at such intervals and for such periods as the boardmay authorize, and after provision for required reserves pursuant to section 533.303. 2. Dividends shall be considered a normal operating expense of the state credit union and shall be paid on all paid-up shares outstanding at the close of the period for which thedividend is declared and shall be available only from undivided earnings. 3. The superintendent may restrict or prohibit the payment of a dividend or interest when an impairment of capital exists. 2007 Acts, ch 174, §43 Sat Dec 23 01:33:19 2023 Iowa Code 2024, Section 533.312 (18, 0)
Iowa Legal Code